Different Forms Of Business Flashcards
1
Q
Public sector
A
Organisations owned and run by government
2
Q
Private sector
A
Organisations owned and run by private individuals
3
Q
Unlimited liability
A
The business and owner seen one under the law
4
Q
Limited liability
A
Owners aren’t responsible for depts of the business
5
Q
Sole trader
A
Individual trading in their own name or under a suitable trading name. Self employed such as a shopkeeper or an electrician
6
Q
Advantage of sole trader
A
Freedom
Profit
Simplicity
Saving on fees
7
Q
Disadvantage of sole trader
A
Risk Time Expertise Finance Vulnerability Unlimited liability
